LV Condo Hotels - VDARA

[Dan Mumm]

Hello all,

I need some guidance here... I'm a real estate agent in LV and I am trying to figure out what is going on with the highrise market, specifically with condo hotels.

I am trying to help some investors as well as sellers with listings in these buildings (Trump Tower, VDARA, Palms Place, Turnberry, etc). It seems like everyone is gun-shy and nobody is buying these units, even when their rental history shows clear cash flow. 

For example, I have a VDARA listing (#9046) which is producing around $23-24k a year in NET income (after ppty management, vacany/repair/capex, NOT including HOA/utilities/taxes/insurance - still good return after these). I get a lot of calls from investors who want the flexibility of a vacation home, but no offers, not even verbal. Does anyone know what is going on here? There has only been one unit sold in the past 6 months. I must be missing something, perhaps some type of HOA litigation I am unaware of?

Any info would really help, I'm stumped.. I know there are some other LV agent/investors out there - thank you!!

[Wayne Brooks]

Well, a "net income before hoa, taxes, insurance, utilities" is not a Net income.  To not lose credibility, you need to quote what the Actual net is.